Estate Planning and Gifting
When most people decide to create an estate plan, they think it will simply indicate which individuals get certain aspects of the estate. However, it is often not this easy. For many people who decide to create an estate plan, they often fail to recognize not only how they can maximize the estate’s value through gifting, but also fail to take various taxes and other expenses into consideration. In this season of holidays and giving, it is important to learn more about estate planning and gifting, here are some important tips to keep in mind when meeting with an Atlanta estate planning lawyer.
Reducing Estate Taxes
If you meet with an Atlanta estate planning attorney, they will often suggest ways in which you can reduce your estate taxes. In most cases, this is done by gifting, a practice few people initially consider when conducting estate planning. However, there are many benefits to doing so. Based on IRS regulations, gifts valued up to $15,000 annually per spouse – meaning if married, you and your spouse can gift a combined $30,000. By doing this, you can not only have more money left over in your estate, but also provide more money to various charities or others you want to help.
Failing to Consider Who Pays Estate Taxes
Along with not understanding how gifting can help reduce estate taxes, many people also fail to take into consideration who will be responsible for paying estate taxes upon their death. In many cases, failing to set up proper gifting plans within an estate plan will result in estate taxes often being taken out of a child’s inheritance. To keep this from happening, work with an estate planning attorney Atlanta residents know and trust.
When planning your estate this holiday season, you may want to consider the tax benefits of gifting. If you would like more information on how to do this you should meet with an Atlanta estate planning lawyer at the Cohen Amason Law Firm, LLC.